Payments

Stratos raises $5.8 Mn to develop COIN like product

MEDICI

Stratos is developing an all-in-one, connected credit card and wishes to disrupt the credit card industry. The company recently announced $5.8 Mn in funding and is going ahead aggressively with manufacturing of its product. The additional capital will help the company accelerate and scale up recruiting and manufacturing. The smart card product would form part of the Bluetooth Connected Card platform developed by Stratos Inc.

The product sounds similar to digital magstripe cards which exist in the market, COIN being a popular one. Stratos is trying to achieve pin and chip integration into its product, something which others lack and would give Stratos’ product a clear edge. The proposed Stratos card would allow users to load credit as well as loyalty cards onto the smart card. It would even enable its use in an ATM.

"We are in production to deliver a groundbreaking card that will simplify consumers' lives," said Stratos CEO Thiago Olson. "This funding has allowed us to accelerate and scale our recruiting, manufacturing and customer support. Our vision is to build long-term relationships with our card members by continuously delivering innovative payment solutions that will always be convenient, reliable and secure."

The participant investors include Toba Capital, Western Technology Investment, Hyde Park Venture Partners and Resonant Venture Partners. The company plans to launch its product within the next 12 months. By combining all plastic cards into a single, smart, dynamic card, Stratos will empower people to make informed smart decisions along with simplifying transactions through a secure, familiar, universally accepted format.

"Thiago is one of those rare founders who have the unique balance of both deep technical prowess and consumer insight," said Jason Townsend, managing director of Resonant Venture Partners. "Stratos has built a scalable organization that will bring transformative products to the payments, access and ID sectors.

Stratos was founded by Olson, Chris Bartenstein and Henry Balanon. "Consumers want safer and more convenient ways to pay in all channels," said Olson. "We hope to accelerate consumer adoption for mobile payments by making our platform frictionless with respect to merchant infrastructure. We are excited to be collaborating with the eco-system of technology companies, financial institutions, networks and merchants who share our vision."

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

Apply to Become a Contributor